SYDNEY, Nov. 1 (Xinhua) -- The Australian dollar has opened lower against the greenback following an impending rate decision by the Reserve Bank of Australia (RBA) to be released on Tuesday afternoon.
At the Asian open on Tuesday, the local unit was
trading at 76.07 U.S. cents, down slightly from 76.13 U.S. cents on Monday.
Commonwealth Bank of Australia's senior currency strategist Elias Haddad in a research note said the Australian dollar remained firmed above 76.00 U.S. cent.
"We see a large risk the RBA stays on hold today (Tuesday) which could generate a 0.50 percent lift in the Australian dollar," Haddad said.
"But Australian dollar can drop to near its 200-day moving average near 74.80 U.S. cents in a knee jerk reaction to an RBA rate cut today (Tuesday)."
"Ahead of the RBA, the Australian dollar will also be impacted by China's October manufacturing PMI (Purchasing Managers' Index) and we think China's manufacturing PMI will match consensus at 50.3 in October," Haddad said.
At 0919 local time (AEDT), the Australian dollar was trading at 76.08 U.S. cents.